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February 9, 2022

CLIMATE-RELATED FINANCIAL RISKS MUST BE ADDRESSED—REPUBLICANS, DEMOCRATS, WALL STREET, FINANCIAL LEADERS AGREE

FOR IMMEDIATE RELEASE
Wednesday, February 9, 2022
Contact: Evelyn Swan at 202-618-6433 or eswan@bettermarkets.org

WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy, issued the following statement on the release of Better Markets Fact Sheet, Republicans, Democrats, Wall Street Banks, & Finance Leaders All Agree:  Financial Risks Related to Climate Change Must Be Addressed:

“The effects of climate change introduce risks to the banking system and financial stability that must be considered and addressed alongside other risks by regulatory agencies and the banks they supervise and regulate. That is a fact around which there is widespread, mainstream consensus from Washington to Wall Street and beyond.

“The Federal Reserve’s legal mandates to promote the safety and soundness of banks and the overall stability of the financial system require it to address risks regardless of origin or source, including climate-related risks. It would, in fact, be a serious neglect of its duty for the Fed to do otherwise, as is being pushed by out-of-the-mainstream extremists who would, for the sake of a single special interest—the fossil fuel industry—have the Fed overlook this legal obligation. A political carve-out for the risks posed by derivatives in the early 2000s ignited and intensified the 2008 Financial Crisis, resulting in trillions of dollars of taxpayer-funded bailouts and immense damage to families across America.

“Our new Fact Sheet clearly shows the broad consensus across Republicans and Democrats, current and former members of and nominees to the Fed’s Board, Wall Street’s biggest banks, industry leaders, international regulatory authorities and organizations, and others that climate-related financial risks are real and must be addressed. Doing so is imperative to protect the standard of living, the quality of life, and the livelihoods of Main Street Americans from another calamitous financial crash.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.

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